VANCOUVER, Dec. 30, 2013 /CNW/ - Yellowhead Mining Inc. ("Yellowhead" or the "Company") (TSX: YMI) announces that today its shareholders have approved the full automatic
conversion of the $8 million convertible debenture (the "Debenture")
previously issued to Matco Investments Ltd. ("Matco"), a private
investment firm based in Calgary, Alberta, into common shares of the
Company. The Debenture has now been fully converted into an aggregate
of 35,555,556 common shares of the Company at a conversion price of
$0.225 per share, representing approximately 35.91% of the total issued
and outstanding common shares of the Company.
The proceeds of the Matco Financing will primarily be used to complete
the environmental assessment process for Yellowhead's 100% owned Harper
Creek Project and for general corporate purposes.
Frank D. Wheatley, Yellowhead's CEO, commented that "Yellowhead is
extremely pleased that the shareholders have approved the issuance of
common shares to Matco, as this will allow Yellowhead to proceed with
the environmental assessment process for the Harper Creek Project".
Mr. Wheatley added that "work on the environmental assessment process
will recommence immediately, with a target of resubmitting the
environmental assessment application to the British Columbia
Environmental Assessment Office by the end of the third quarter of
Appointment of New Chief Financial Officer
Lori Price, currently the Controller of Yellowhead, has been appointed
Chief Financial Officer of the Company, effective as of January 4,
2014, upon the resignation of Saurabh Handa, the current Chief
Financial Officer, to pursue other interests.
About Matco Investments Ltd.
Matco is a private investment corporation based in Calgary, Alberta.
Matco is controlled by Mr. Ronald Mathison. Mr. Mathison also serves
on the boards of Calfrac Well Services Ltd, Tesla Exploration Ltd. and
Western Energy Services Corp.
About Yellowhead Mining Inc.
Yellowhead Mining Inc. is a development stage company with a 100%
interest in the Harper Creek copper-gold-silver project located in the
North Thompson region of British Columbia, Canada. The proposed Harper
Creek mine will be a large scale, long life, low cost open pit copper
mine, has a NI 43-101 compliant feasibility study, and is currently in
the environmental permitting phase of development.
For more information on Yellowhead and the Harper Creek Project, please
visit Yellowhead's website at www.yellowheadmining.com.
Forward Looking Statements
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities laws. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those anticipated in
the forward-looking statements, including, among others, the accuracy
of mineral grades and related assumptions, inherent operating risks,
planned expenditures, proposed exploration and development at the
Harper Creek Project, operating and economic aspects of the Harper
Creek Project, as well as those risk factors identified in the
Company's Annual Information Form filed under the Company's SEDAR
profile. Yellowhead undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change except as required by law. The reader is cautioned not to
place undue reliance on forward-looking statements. More detailed
information about potential factors that could affect projected results
is included in the documents filed from time to time with the Canadian
securities regulatory authorities by Yellowhead.
SOURCE: Yellowhead Mining Inc.
For further information:
Frank D. Wheatley, Chief Executive Officer
604.681.1709 Ext. 212